G-III’S PROFIT RISES 22.5% IN 2D QUARTER
NEW YORK — G-III Apparel Group Ltd. reported second-quarter earnings gained 22.5 percent to $2.4 million, or 35 cents a share, from $2 million, or 30 cents, last year.
Sales for the outerwear manufacturer in the three months ended July 31 gained 26.3 percent to $33.1 million from $26.2 million.
“The revenue increase for the quarter is attributable to the men’s and moderately priced women’s line, as well as continued growth in the Kenneth Cole and sports licensing product lines,” Morris Goldfarb, chief executive, said in a statement.
For the six months, the company narrowed its loss to $804,000 from a loss of $1.4 million in 1996. Sales increased 26.7 percent to $39.6 million from $31.3 million.
Goldfarb pointed out that during the latest quarter, G-III signed a three-year licensing agreement with Starter Corp. to design and produce a line of leather apparel and leather/textile combination outerwear for men, women and children.